BANKING ANALYTICS

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During a meeting of Turkmenistan's cabinet of ministers, the country's President Gurbanguly Berdimuhamedov stressed the need of intensifying the efforts in raising foreign investment in large infrastructure projects of the country's fuel and energy sector, according to Turkmen government's message.

"The head of state stressed the need to intensify efforts in raising foreign investments in large infrastructure projects, including in the areas of development of new hydrocarbon deposits, modernization and technical re-equipment of petrochemical plants and construction of innovative industries," Turkmen government said.

Berdimuhamedov emphasized the expediency of a phased expansion of partnership with leading foreign companies, which have best practices, technical and technological capabilities in this area, according to the message.

Turkmen government said that the meeting also discussed the implementation of the program on development of Turkmenistan's oil and gas industry till 2030.

The annual production of natural gas in the country is expected to reach 230 billion cubic meters by that time, and greatest part of the gas will be meant for export.

Along with the current supply of natural gas to Russia, China and Iran, Ashgabat is developing the export variants, envisaging European and eastern directions.

Over 162 oil and gas fields have been discovered in Turkmenistan. Over 1,000 perspective areas were discovered.

A striking example was the discovery of large Galkynysh field with its total reserves worth 26.2 trillion cubic meters.

Currently, the second stage of industrial development of the field is underway there. The CNPC is carrying out the operations on construction of a gas treatment plant with a capacity of 30 billion cubic meters of tank gas per year.

The first stage of development of the Galkynysh field was completed in September 2013.